India, UK to establish bilateral Sustainable Finance Forum: Sitharaman

India and the United Kingdom have agreed to establish a bilateral Sustainable Finance Forum, Union Finance Minister Nirmala Sitharaman informed on Wednesday.

India and the United Kingdom have agreed to establish a bilateral Sustainable Finance Forum, Union Finance Minister Nirmala Sitharaman informed on Wednesday. This was discussed during the 3rd session on infrastructure and sustainable finance at the 10th India-UK Economic and Financial Dialogue (EFD).

During the meeting through a virtual medium, Sitharaman said India's USD 1.4 trillion National Infrastructure Pipeline and the City of London are working together to ensure flow of sustainable finance. " India and the United Kingdom have agreed to establish a bilateral Sustainable Finance ForumIndia and the United Kingdom have agreed to establish a bilateral Sustainable Finance Forum. India's USD 1.4 trillion National Infrastructure Pipeline and the City of London are working together to ensure flows of sustainable finance," she said.

"This Partnership is helping set up a Project Preparation Support Facility cum Centre of Excellence for PPP Projects," she added. The Green Growth Equity Fund (GGEF) was launched in 2018 as a joint venture with 240 million pound funding to catalyse financing into green infrastructure in India, Sitharaman said, adding, British Petroleum has become the first private investor, contributing USD 70 million.

"India and UK have increased cooperation through the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure (CDRI), launched by Prime Minister Narendra Modi and co-chaired by the UK," she further said. (ANI)